Happy Monday, July 2, 2018
This week we celebrate the birth of America. I hope all of you have a wonderful Fourth of July with family and friends.
July marks the beginning of the second half of 2018, so I thought it would be a good time to give you an overview of Wesley Chapel, one of the fastest growing communities in the Tampa area. Typically, I share data on home sales, but today I’d like to share why Wesley Chapel is such a great place to live.
Wesley Chapel has a population of over 50,000 people and according to neighborhoodscout.com, it’s the 64th largest community in Florida. The median household income is around $74,000.00, meaning half of the households make $74,000 or more per year.
Over 88% of the Wesley Chapel workforce has a white-collar job, including professionals, sales and office workers, and managers — 13% work in office and administrative support, 13% work in sales jobs, and 12.37% are employed in management positions.
Interestingly enough, Wesley Chapel has more people working in computers and math than 95% of the communities in the US. Also, more than 10% of the workforce works from home. This may not seem like a huge percentage, but Wesley Chapel ranks very high compared to other communities for this category of employment. Many of these workers telecommute and work in knowledge-based, white-collar professions.
Wesley Chapel also has a large population of college-educated residents. In fact, 40% of adults in Wesley Chapel have at least a bachelor’s degree. By comparison, the average community in the U.S. has about 21% of adults with a bachelor’s degree or higher. The public school system is also highly ranked and the crime rate is lower than the national average.
The Median Home value is about $242,000. This means half of the homes are valued at $242,000 or more. The chart below shows the percentage of homes that fall into specific price bands.
Wesley Chapel is a great place to live and to raise a family, particularly if you’re a college-educated, white-collar worker. The community offers some of the best amenities and newest homes in the Tampa area. I live in Wesley Chapel myself and love it! So please reach out if you plan to buy or sell in this amazing community.
Now let’s look at some of the most helpful and interesting blog posts, articles, and infographics we’ve run across this week. Enjoy!
Fourth of July: America’s big day is Wednesday, and there are tons of ways to celebrate our independence. Since we’re all really just here for the fireworks, consider these three bigger displays: Clearwater Celebrates America in Coachman Park (301 Drew St.) with children’s activities, food, live music and fireworks between 9 and 9:30 p.m. In Tampa, the fireworks have moved from Channelside to the Tampa Convention Center (333 S Franklin St.) because of construction, but the new location gives great views all along Riverwalk. They set off at 9 p.m. In downtown St. Petersburg, fireworks kick off at 9:15 in from Vinoy Park (701 Bay Shore Dr NE), but the display can be seen from most of the city’s waterfront parks. Vinoy Park will be closed all day. Weather conditions may bump the start time up to as early as 8 p.m. or delay the start time until 10 p.m.
Music: Celebrate the Fourth on Wednesday in St. Petersburg at Ferg’s Rockin’ BBQ featuring P.O.D., Alien Ant Farm and Lit ($16.50-$39.50). Thursday, lovers rock reggae artist Beres Hammond performs with special guests Third World at Jannus Live in St. Pete ($36-$56). Friday, pop and R&B sensation Chris Brown takes Tampa’s MidFlorida Credit Union Amphitheatre ($20-$322), where Coheed and Cambria and Taking Back Sunday co-headline on Saturday ($29.50-$69.50). Also Saturday, English synthpop duo Erasure hit the stage at the Mahaffey Theater in St. Petersburg ($39.50-$79.50).
Dan and Phil: Interactive Introverts: YouTube comedy stars Daniel Howell and Phil Lester are bringing their new theatrical stage show loaded with off-the-wall sketches and audience interaction to Clearwater’s Ruth Eckerd Hall on Saturday ($37.50-$156.50). rutheckerdhall.com.
Rodgers and Hammerstein’s Cinderella: The modern take on the classic fairy tale featuring songs including Impossible/It’s Possible runs Thursday-Sunday at Tampa’s Straz Center ($38-$83). strazcenter.org.
kids and family
Fourth of July at the History Center: The Tampa Bay History Center celebrates on Wednesday with free (for Bank of America card holders) or $5 admission and extended hours. Costumed re-enactors will share hands-on displays of artifacts, uniforms, crafts and music representing America’s wars through history. Admission includes a tour of the American Flags: The Stars and Stripes in American History and Culture exhibit. tampabayhistorycenter.org.
more to explore
Plan your Fourth of July at tampabay.com/thingstodo.
From the Blog:
- “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
- The top reason millennials choose to buy is to have control over their living space, at 93%.
- Many millennials who rent a home or apartment prior to buying their own homes dream of the day when they will be able to paint the walls whatever color they’d like or renovate an outdated part of their living space.
If you’ve entered the real estate market as a buyer or a seller, you’ve inevitably heard the mantra “location, location, location” in reference to identical homes increasing or decreasing in value based on where they’re located.
In today’s housing market where home prices are appreciating quickly, it’s important to know that not every home appreciates at the same rate. The map below demonstrates that point on a state-by-statebasis using data from the National Association of Realtors.
Demand often dictates value, even for houses in the same area of the country! High demand for starter and trade-up homes have driven prices up in these categories by nearly 10% over the past year, while those in the premium markets have appreciated at closer to 6%.
If you are debating whether or not to buy and/or sell a home this year, let’s get together to help you figure out exactly what’s going on in our market.
Mortgage rates have been on the rise, but that’s not stopping prospective homebuyers, according to a new survey.
Online brokerage Redfin recently surveyed more than 4,000 people who had bought or sold a home in the last year, attempted to do so, or planned to do so soon. Among the more than 1,300 respondents who planned to buy a home in the coming year, only 5% said they’d stop looking if mortgage rates rose above 5%. Twenty-four percent of buyers said that such an increase wouldn’t impact their search at all, according to Redfin.
“Homebuyers are well aware that higher mortgage rates mean higher monthly payments, but mortgage rates remain very low, historically, and buyers will make compromises,” said Taylor Marr, senior economist for Redfin. “Most of the pressure buyers are feeling is from the competition for a very limited number of homes for sale. The fact that such a small share of buyers will scrap their plans to buy a home if rates surpass 5% reflects their determination to be a part of the housing market.”
Here’s what the survey found about how buyers would react if rates passed 5%:
- 32% would slow down their search and wait to see if rates fell again
- 21% said a 5% mortgage rates would cause them to look in other areas or buy a smaller home
- 19% would increase their urgency to buy before rates rose even higher
June 28, 2018
Mortgage rates declined over the past week and have now retreated in four of the past five weeks.
The decrease in borrowing costs are a nice slice of relief for prospective buyers looking to get into the market this summer. Some are undoubtedly feeling the affordability hit from swift price appreciation and mortgage rates that are still 67 basis points higher than this week a year ago.
As highlighted in our June Forecast, the economy and housing market overall are on solid footing this summer, which should support continued strength in housing demand. Home price growth is still high, but is expected to moderate, and while sales activity has slowed, it’s primarily because of stubbornly low supply.
Thanks for reading Tampa Market Monday. We’d love to help you buy or sell your home, so please get in touch! You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.
Have a Fantastic New Year!
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Thanks for taking time to read the Tampa Market Monthly! If you want to buy or sell a home or find out your home’s value please let us know. We’d love to work with you. You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form. You can search all Tampa area homes for sale at www.teambohannon.com.
Have a Fantastic week!